Tuesday, March 5, 2024

Historic as Pakistan Starts Border Trade with Kazakhstan via Silk Route

Pakistan and Kazakhstan are strengthening their trade and economic ties, with Pakistan recently sending its first shipment to Kazakhstan through the historic Silk Route. This is possible due to the Quadrilateral Traffic in Transit Agreement (QTTA) signed by Pakistan, Kazakhstan, China, and Kyrgyzstan, which has opened up border trade opportunities.

The Silk Route Dry Port (SRDP) near Khunjerab Pass marked the beginning of this new era, with officials from both countries attending the ceremony. The consignment will travel through China to Almaty, Kazakhstan’s trading hub, creating a more efficient trade route that saves time and costs.

This new route is seen as a promising opportunity for regional countries, including Pakistan. Currently, the trade volume between Pakistan and Kazakhstan is $219 million, which experts believe is lower than its true potential, considering Pakistan’s access to large markets like the EU, Gulf regions, and the US. The QTTA agreement presents a chance for significant trade growth between Central Asia and Pakistan’s Gwadar Port.

Both countries have previously signed agreements to enhance trade, investment, and economic cooperation in various sectors such as agriculture, energy, pharmaceuticals, textiles, and tourism.

Related Articles

Latest Articles